A hearings officer has ruled the Local Government Center must refund more than $50 million to its clients – New Hampshire cities and towns.
With a few days left before legislative deadlines, it looks like a bill to regulate public risk pools is dead.
State regulators suggested the Local Government Center turn over control of its operation and assets to a neutral party.
The Securities Bureau Director says that’s the best way to address fundamental problems within the organization.
The Local Government Center, the group that provides insurance to cities and towns, faces four charges it violated state laws.
The Securities bureau alleges that LGC owes municipalities upwards of $100 million dollars.
The Local Government Center wants to limit public comments as the state makes its case that LGC violated the law. LGC lawyers are frustrated over comments state regulators have made to the press.
In a closed door meeting, two sources say LGC attorney Bill Saturley asked presiding officer Donald Mitchell to restrict lawyers from speaking to reporters.
The Securities Bureau is alleging that LGC- which provides insurance to cities and towns- violated multiple state laws, and owes cities and towns upwards of $100 million dollars.
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